Orient Abrasives managed to close the days trade at 36.35. This is the highest weekly closing for this stock in almost 4 years (44 months). The stock has closed above its historical weekly resistance of 34.4-35 (dark red line on the chart) with massive volumes (both daily and weekly)
One can go long in this stock at CMP and buy on pullbacks to 34. We can expect levels of 46-60 over the mid to long term. The trade can be held with a WCB stop loss of 34.4
BUY at CMP/ on declines to 34 SL: 34.4 WCB TGT: 46-60 Duration: 1-6 months